Bureau Sues Five Auto Title Lenders Over APR Disclosure Practices
October 3, 2016
The CFPB last month sued five auto title lenders doing business in Arizona – Auto Cash Leasing, Interstate Lending, Oasis Title Loans, Phoenix Title Loans and Presto Auto Loans – for allegedly failing to disclose the annual percentage rate in online advertisements about title loans, in violation of the Truth in Lending Act. “For example, one lender advertised on its website a monthly interest rate but failed to include the legally required annual percentage rate for the loan,” the bureau said....